Bitcoin Price Will Fall to $66,000 Again? Why This Could Be
Journalist
- Bitcoin’s open interest surged while supply on exchanges decreased significantly
- A price correction might drive BTC to $66,000 or potentially $62,000
Bitcoin [BTC] has been steadily increasing over the past week, recently surpassing the $68,000 milestone on price charts. However, this upward trend may soon face a temporary shift.
This seems to be supported by a bearish divergence noted in the Bitcoin price chart.
Bitcoin’s Core Strengths
According to
CoinMarketCap,
, the cryptocurrency’s value climbed over 9% last week, propelling it above $68,000. AskFX
previously highlighted
a number of factors that likely contributed to BTC’s recent surge. One significant aspect is that Bitcoin supply available on exchanges has dwindled to a 5-year low. This indicates that buying sentiment is currently dominating the market—suggesting potential for upward movement in prices.
Apart from this information, AskFX also reported
on how BTC’s open interest has reached new heights.
More specifically,
Bitcoin’s open interest peaked at an all-time high of $20 billion, just 8% short of its previous ATH. When this metric rises,
it suggests increased likelihood for the current price trend’s continuation.
Satoshi Club—a notable X-handle sharing crypto updates—recently tweeted about another significant metric.
According to their report,
the BTC supply from wallets that made purchases during the last year has now attained a two-year peak.
This trend has gained momentum recently as ETFs reflected inflows totaling $2.1 billion over just five days.
Despite these positive developments,
not everything favors our king coin.
Ali—a recognized crypto analyst—shared another tweet
pointing out potential bearish divergence.
This highlights possible short-term corrections in pricing trends and warrants closer examination of Bitcoin’s present condition.
Source: X Is there potential for a price adjustment? AskFX analyzed data from CryptoQuant”””
“and discovered compelling metrics. The king coin’s binary CDD was optimistic indicating long-term holders moved less than average within the past week—they are keen on holding their coins.
The ASORP revealed more investors are realizing profits which could signal market peaks amidst bullish phases.
Additionally, NULP indicated bearish tendencies as it demonstrated investor sentiments remained stained with optimism—as they enjoyed inflated unrealized profits.
Source: CryptoQuant””Read”
Predictions for Bitcoin pricing
(2020-2025):
